Board accepts FY25 audit after auditor reports unmodified opinion, flags capital‑asset accounting

The Downers Grove GSD 58 Board of Education on Jan. 12 accepted the district's fiscal year 2025 audit after a presentation by Betsy Allen of Miller Cooper, who reported an unmodified (clean) opinion on the district's financial statements.

"We do have an unmodified clean opinion that that was issued," Allen said during her presentation, and she explained that implementation of GASB Statement 101 on compensated absences required a restatement that is noted in an emphasis‑of‑matter paragraph. Allen said the restatement increased reported long‑term liabilities by recording certain compensated‑absence obligations that the new standard requires.

Allen also said the auditors issued one management‑level observation related to capital asset accounting and included an observation recommending ongoing attention to technology and data‑security risks. "We did again this year have 1 item in regard to capital asset accounting," she said.

Board members asked clarifying questions about the compensated‑absence concept and the practical effect of the GASB change on the financial statements; Allen described compensated absences as amounts such as certain accumulated vacation pay and, where applicable under local policies, historical sick‑leave reporting that the new standard treats as earned liabilities.

The board's acceptance of the audit was moved and seconded and carried on a unanimous roll call. The meeting packet contains the full audit report and the auditor's required communications to the board, including the management letter and single‑audit deliverables for federal funds.

Next steps noted by the administration include sharing the winter benchmarking data with the board once the MAP testing window closes and continuing collaborative work on capital‑asset accounting processes identified by the auditors.